UP TO DATE........as of January 2010

HOME BUYER TAX CREDIT INFORMATION

$8,000 First-time Home Buyer Tax Credit at a Glance:

• The $8,000 tax credit is for first-time home buyers only.  For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single tax payers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

$6,500 Move-Up/Repeat Home Buyer Tax Credit at a Glance:

To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.

• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home's purchase price up to a maximum of $6,500.
• The tax credit applies only to homes priced at $800,000 or less.
• The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010.  However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
• Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.

FOR MORE INFORMATION, OR TO ASK SPECIFIC QUESTIONS, PLEASE FEEL FREE TO CONTACT US!! 

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Shawn, Certified Buyers Specialist: 863-412-0214

 Dee, Certified Listing Specialist:  863-698-4663